Sending Money Overseas? Make Sure of These Things

If you are reading this blog, you most probably have your loved ones abroad. Or you might be an expat who needs to complete a transaction overseas. In any case, we all get nervous when sending money abroad. Nowadays, international money transfer has become much easier and more secure! So, if you are new to international transactions, this blog can be your quick guide.

Understand currency exchange

Transferring money abroad means a change in the currency. Even if it's dollars from two different countries, the values differ. For example – The United States and Australia both use dollars; however, 1 USD (U.S. Dollar) = 1.57 AUD (Australian Dollar) as of October 2022. Similarly, the currency values differ worldwide, referred to as the currency exchange rate. This value difference impacts the net amount you transfer abroad or vice versa. Thus, before making any international transactions, check the live exchange rate of the country's currency you are sending to/receiving from the money.

How can I make an international money transfer?

Here are the most common ways of sending money abroad:

• Banks

Banks have been a traditional approach for money transactions worldwide. However, international transactions through banks can be cumbersome. The major drawbacks included high processing fees, varying exchange rates, and slow transaction speed. Also, do not forget the never-ending trips to your nearest bank!

• Money transfer service

With the advent of technology, other reliable and improved platforms have been developed. Yes, the internet has made many things more accessible, and money transfer is no different! Money transfer services are designed to fit international money transfers while being easier, faster, and more secure.

How to Send Money Through a Money Transfer Service

Unlike banks, using a money transfer service is much easier. So, the next time to want to send money to Australia, do it instantly from the comfort of your home. Sending money with online money transfer platforms typically involves a few simple steps.

Step 1: Create your account

To begin with, create your account on the website. It is as simple as creating an account on social media, e-commerce, etc.

Step 2: Complete the verification

It takes a few minutes to verify your essential documents, such as your passport, driver's license, etc.

Step 3: Choose the destination country/currency and enter the amount

Most money transfer services allow transactions to a majority of countries and banks.

Step 4: Enter your receiver's details.

It will ask you for the receiver's details, including name, address, bank account number, etc.

Step 5: Choose your preferred payment method

There are plenty of ways to pay, such as credit cards, debit cards, etc.

Step 6: Transaction successful!

Bottom Line

International money transfers have never been so easier! With reliable money transfer services, one can easily carry out international transactions without worrying. Interchange Financial is a FINTRAC-regulated platform that offers hassle-free money transfers, currency exchange, and CAD forecasts. You can also visit their retail locations in 6 cities across Canada. Are you planning to send money to the U.K.? Visit their website to enjoy fast & secure money transfers today!